MID-DAY: North American markets continue to recover; crude prices gain on output concerns
North American markets are slowly growing following yesterday’s major selloff.
The TSX is up 90 points at 16,274 and on Wall Street the Dow is up 31 points to 24,283. This comes after global markets were rattled by trade war fears fueled by Donald Trump’s threats of more tariffs and sanctions.
On Bay Street, the majority of the gain is coming from rising crude prices. Suncor reported issues with output in Northern Alberta as production was affected by a power outage. This is boosting West Texas Crude up to 68.68 a barrel. Analysts expect prices to continue to gain as gas demand grows with both Canada and the US heading into long weekends.
Ahead of a speech by Bank of Canada Governor Stephen Poloz, the Loonie continues to struggle at 75.12 cents US. Traders are hopeful Poloz will give a better indication on a possible interest rate hike in July, with current forecasts giving it a 50/50 chance.